VincePrince

Here Is How The XRPUSD Channel-Breakout Can Develop Properly!

POLONIEX:XRPUSD   XRP / U.S. Dollar
Hi my friends,

XRPUSD is trading in two major channels where it is trading within the major descending-channel now for a longer time, this channel will show a breakout sooner or later when XRPUSD gained enough strength to form the breakout either to the up or downside, according to the structure and movements XRPUSD has formed till now a upside breakout above the upper boundary is more likely than this to the downside as XRPUSD needs to gain extreme bearish speed and invalidate some important levels before that where a bounce is more likely, however we should not keep this bearish scenario out of sight here especially on the more short-to-middle-term perspectives there are important levels which XRPUSD needs to hold sustainably when considering the bullish breakout scenario to happen within the schedule, when these levels confirm and XRPUSD manages to form the proper movements this can show up with good potential further till then we need to look at the development and see how XRPUSD reacts in the established structures.

When looking at my chart you can watch that XRPUSD is forming this accelerated-consolidation-range marked in blue between the 100-EMA in black and the 300-EMA in red, between these EMAs there is also the 30-EMA in green holding the short-term-trend to the upside. Now as the 300-EMA on the lower boundary is a strong support we can expect it to hold further and when the consolidation moves on the next times this will be an important reference point for and possible origin for a breakout to the upside out of the massive descending-channel-formation which will also form the final wave E in the major wave-count XRPUSD is forming in the ascending-channel-formation also. The next times a possible ongoing consolidation can be anticipated as it is marked in my chart when the price then confirms the lower boundary of the ascending-channel-formation anew it has a good potential given to form the final breakout to the upside from there which will be finally formed when the price action manages to move above the upper boundary with a decisive move and the consolidate above to move higher as it is marked in my chart, to show up with this mechanism it is from high importance for XRPUSD that the lower boundary holds sustainably because when falling below these levels it can possibly invalidate the breakout-scenario, currently it is important to keep patient and look how XRPUSD can possibly manage this breakout and then take action accordingly in the proper direction before rushing into trades which do not satisfy at the end.

In this manner, thank you for watching the analysis, have a good day and weekend, feel free to support and all the best!

Information provided is only educational and should not be used to take action in the markets.
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Comments

great technical setup, well done! 🦐💪🏻
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VincePrince plancton0618
@plancton0618, Thank you, greatly appreciated, all the best.
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Post your comments, questions, and ideas about XRPUSD here.
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@VincePrince, I was thinking a bullish run would create a lower high in the channel but we also have elections coming for the US, so the break of the channel can be highly possible
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VincePrince Pisces_Investments
@Pisces_Investments, Thanks for sharing
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